Closing Disclosure (CD) is a federal-required document for consumer-mortgage closings under TILA-RESPA Integrated Disclosure (TRID) rules. The CD lists final loan terms and must be delivered to the consumer borrower at least three business days before closing.
Business-purpose investor loans are exempt from the TRID 3-day Closing Disclosure rule. A DSCR rental refinance, hard money bridge, or fix-and-flip loan settles with a Settlement Statement (HUD-1 or ALTA), not a CD, and the three-day waiting period does not apply.
This exemption is why specialist business-purpose programs can fund within 48 hours of Clear to Close — the same window that would still be waiting on the CD clock for a primary-residence borrower.
See also: Clear to Close, Settlement Statement.